Everstream Solutions, a super-regional dark and enterprise fiber provider backed by AMP Capital, today announced key milestones that the company achieved during 2021, including its fiber optic network growing to nearly 27k fiber route miles across the Midwest and Mid-Atlantic regions of the United States. Presently, Everstream’s network spans a 10-state footprint including Delaware, Illinois, Indiana, Kentucky, Michigan, Missouri, New Jersey, Ohio, Pennsylvania, and Wisconsin.
Everstream’s fiber optic network connects to 3.5k+ on-net locations, including 46 data centers.
Expansion of Fiber Route Miles – Everstream Solutions
During 2021, Everstream’s network footprint grew by 80% or ~12k fiber route miles. At the end of 2020, the company’s fiber network spanned 15k+ fiber route miles and by year-end 2021, this network has grown to nearly 27k fiber route miles.
Everstream’s fiber network growth has come from both greenfield fiber builds and acquisitions. Firstly, in terms of builds, Everstream constructed nearly 2.0k fiber route miles in new and existing markets. Secondly, the remaining 10k fiber route miles of the company’s growth came through an OpCo-PropCo transaction with Uniti Group, which closed in May 2021.
Through the Uniti acquisition, Everstream gained 10k fiber route miles and 220k fiber strand miles, representing an average strand count of 22 strands per route mile. For this acquisition, Everstream paid total cash consideration, including upfront indefeasible right of use (IRU) payments, of $135m.
Plans for 2022
Presently, Everstream has 3.0k+ fiber route miles under construction, which are expected to be completed by the end of 2022. Indeed, this implies a 50% increase in Everstream’s fiber build pacing for 2022 versus 2021.
Customers and Demand Drivers
Everstream’s dark and enterprise fiber connects business locations, data centers, cloud service providers, and wireless carriers (e.g., for 5G services). To these customers, Everstream delivers services including dedicated internet access, dark fiber, Ethernet, and data center solutions.
Overall, Everstream’s high-capacity fiber networks support the increasing connectivity requirements of enterprises, demand for 5G services, and data centers shifting closer to business customers.
Everstream is owned by AMP Capital, an Australian infrastructure fund, through its vehicle AMP Capital Global Infrastructure Fund II. Since 2019, Everstream has invested a total of $600m (equity and debt) into growing its fiber network.